Police have taken one man into custody and continue to search for another following an incident in Risdon Vale this afternoon.

Around 1pm two men entered a property on Sugarloaf Road in Risdon Vale armed with a firearm and demanded money from the resident, who was known to them.

The men took a small amount of money and fled the property on a white coloured trail bike. No one was injured.

Following a police search of the Risdon Vale area, including an air search by members in the Westpac Rescue Helicopter, a 27-year-old Risdon Vale man was taken into police custody and is assisting police with their enquiries.

Police continue to search for a 24-year-old Risdon Vale man in relation to the matter.

Police would like to speak to anyone with information in relation to the incident, the location of the trail bike, or the man involved who has not yet been located.

Information can be provided to Tasmania Police on 131 444 or Crime Stoppers anonymously on 1800 333 000.